CASHING IN

a year ago

Report: Wells Fargo Bankers Inflated Fees, Got Bonuses

Wells Fargo bankers overcharged hundreds of corporate clients in order to meet their sales goals, the Wall Street Journal reports. Those bankers, most of whom performed international transactions for corporations, allegedly inflated clients' fees, tacking on millions of dollars in extra charges. The bankers were allegedly driven by Wells Fargo's employee rewards system, which gave sizable bonuses to bankers who exceeded their sales goals. Of approximately 300 corporate clients, only 35 were charged the correct fees, according to an internal Wells Fargo investigation obtained by the Journal.